Good Time to Sell a Seattle House? Feb 2023 Market Report
Northwest MLS Real Estate Report
Is it a good time to sell a Greater Seattle house? The NWMLS, including the Greater Seattle real estate market, has seen some positive signs for both homebuyers and sellers. For example, at the end of February there was 1.7 months of housing supply across the NWMLS. Traditionally, 4 to 6 months is an even market, so that indicates a sellers’ market. However, last February inventory was at 0.7 months, so in comparison it feels more like a buyers’ market. Pending sales are down 19% and closed sales are down 17.3% from a year ago so there are less transactions, but with about one-third fewer new listings added this February compared to the previous February the inventory remains tight. Not historically tight, but tight nonetheless.
Buyers can be encouraged since there has been a modest price drop from February 2022. Median prices decreased year-over-year by 1.7% across the NWMLS: $585,000 to $575,000. On the other hand, most sellers have benefitted from prices rising 30%+ in the previous three years.
Greater Seattle Real Estate Market
Following is a more detail look at homes, condos, luxury real estate, and waterfront homes in Seattle, Bellevue, and Mercer Island for the past month.
Seattle, Bellevue, and Mercer Island Homes
While the median price is down 1.7% across the entire NWMLS, the King County home market is down 6.73%. The number of sales on Mercer Island were minimal both this February and last. This February there were 8 Mercer Island home sales compared to 17 the previous February. Thus, it is hard to see if a real estate market trend when a large sales can change the numbers drastically. Nonetheless, both average and median prices were down. Average price went from $2.592 million to $2.348 million and median prices went from $2.525 million to $2.190 million.
In the greater Bellevue real estate market which including Clyde Hill, Medina, Hunts Point and Yarrow Point, sales were actually up from 47 to 52 when comparing both Februarys. Furthermore, the unusual trend does not stop there. For instance, while median went down ($2.3 million vs $1.823 million), average prices were up ($2.940 million vs $3.353 million). Both months had similar amount of homes that sold for $2 million and over (24 vs 25), but this February had 3 large sales of $38 million, $20 million, and $13 million while last February had the high of $12.750 million.
Seattle had less sales (440 vs 511), a lower median ($803,000 vs $900,000), and lower average price ($915,000 vs $1,046,000) when comparing February 2023 with the previous year.
Condo Market in Seattle, Bellevue, and Mercer Island
King County median prices for condos is down more than King County homes. King County prices are down 12.43% from the previous February. Seattle condo market is stronger than overall county, while the Bellevue area is not doing as well as the county as a whole. Seattle condo average price decreased from $643,000 to $597,000 while median prices decreased from $550,000 to $524,000. Similar to home sales, Seattle condo transactions decreased significantly (291 vs 155). In addition, Bellevue condos had a decrease in sale price on less sales (39 sales in Feb 2022 vs 27 sales this Feb). For example, average price decreased from $842,000 to $618,000. Likewise, the Bellevue median prices declined ($794,000 vs $485,000). Lastly, Mercer Island condo market is very small. For instance, there were zero sales last February and 2 this February.
Seattle, Bellevue, and Mercer Island Luxury Real Estate Market
Bellevue and Mercer Island are both luxury home markets. For example, out of eight Mercer Island homes that sold this past month, 5 sold for over $2 million and none sold for under $1 million. Mercer Island, being an island, often has at least one waterfront sale. There were none in February. The most expensive home sold $4.2 million on the south end of Mercer Island.
The average sales price of a home in the Bellevue area, including Hunts Point, Medina, Clyde Hill, and Yarrow Point, was over $3 million. Furthermore, nearly half (24 out of 52) of the Bellevue homes sold for $2 million or more. The most expensive home was a Medina waterfront home that sold unlisted for $38 million..
The average sales price for a Seattle home is $915,000 which is significant, but not nearly as high as Bellevue and Mercer Island. In addition, Seattle had a total of 12 sales over $2 million. Ewing and Clark’s team of Jane and Betsy so the most expensive Seattle home in February. A Broadmoor home for $4.1 million. The second highest sale was also in Broadmoor, selling for $3.6 million.
Is Greater Seattle Real Estate Slowing Down?
As seen throughout blog, the Greater Seattle real estate market has slowed but not significantly especially in pricing. Nevertheless, the future real estate market is hard to predict. For example, agents have noticed an uptick in multiple offers while overall prices have decreased. Thus, every real estate market brings new challenges. To navigate the current issues, contact one of Ewing and Clark’s real estate brokers. Ewing and Clark has provided exceptional real estate service to Greater Seattle since 1900. Whether you are looking for a waterfront property in Whidbey, a luxury home in Queen Anne, or your first Seattle home, please contact us
